On Tuesday, 25 November 2014, Conference “CONSENSUAL FINANCIAL RESTRUCTURING OF COMPANIES - A NEW APPROACH TO NPL RESOLUTION IN SERBIA” was held at the Chamber of Commerce and Industry of Serbia. It was organized by the European Bank for Reconstruction and Development (EBRD) and Chamber of Commerce and Industry of Serbia (CCIS), in cooperation with Partners for Democratic Change Serbia (Partners Serbia), Law Office Andric, EMA Global (USA) and ADR Centr (Italy).
Attendees were addressed by Zeljko Sertic, Minister of Economy of the Republic of Serbia, Matteo Patrone, Director of EBRD Office in Serbia, Milivoje Miletic, Acting President of CCIS, NErmina Ljubovic, Director of CCIS, Catherine Bridge, Principal Counsel of of EBRD Legal Transition Team, and Blazo Nedic, Partners Serbia.
Conference, which caused great public interest, was attended by well over 180 local and international stakeholders from the banking and business communities, representatives of the International Monetary Fund (IMF), World Bank, EU Delegation, National Bank of Serbia (NBS), consulting firms, embassies, banks, companies, enterprises, lawyers, attorneys, auditors, financial advisers and mediators.
The results of project “Support for Effective Implementation of the Consensual Financial Restructuring (CFR) Law in Serbia” were presented at the Conference, and this initiative was also examined in the context of the Government’s agenda on non-performing loans (NPL) resolution.
The Consensual Financial Restructuring Law (“Official Gazette of the Republic of Serbia”, No. 36/2011) provides a mediation-based framework within the CCIS for the CFR of companies in financial difficulties.
The CFR framework represents an important tool for corporate debt restructuring, particularly for small and medium sized enterprises, and for the restructuring of NPLs generally.
Since August 2013, EBRD has been providing support for effect implementation of this Project in partnership with the CCIS, and assisted by an international consortium of experts, consisting of Partners Serbia, Law Office Andric, EMA Global and ADR Centre.
HANDOUTS (.zip file)